B. Riley Starts EVINE Live Inc. (EVLV) at Buy
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B. Riley initiates coverage on EVINE Live Inc. (NASDAQ: EVLV) with a Buy rating and a price target of $3.50.
Analyst Eric Wold highlighted:
- New activist-influenced management team and Board has been in place since 2014
- Rolling out high-incremental margin second channels to exiting cable households
- Projecting strong EBITDA ramp from $17MM in 2016 to $34MM in 2018
- Set to unlock value of Boston TV station with inclusion in FCC spectrum auction
- PT of $3.50 based on SOTP of 10x 2017 EBITDA estimate + low-end Boston station value
Shares of EVINE Live Inc. closed at $2.00 yesterday.
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